Ryanair board votes to sell Aer Lingus stake to IAG

The board of Ryanair has voted unanimously to accept the IAG offer for the airline's 29.8pc shareholding in Aer Lingus.

The move makes the €1.4bn offer from IAG for Aer Lingus more likely but it not a fait accompli yet and needs more approval..

Ryanair’s stake in Aer Lingus has been available for sale since May 2012 and the board believes that the current IAG offer maximises Ryanair shareholder value.

The airline said it will now vote in favour of the motion at the Aer Lingus extraordinary general meeting later this month to give the Government a golden share over Aer Lingus’s Heathrow slots.

Ryanair also said it will vote in favour of acceptance of the €1.4bn bid by British Airways owner IAG for Aer Lingus, subject to this offer receiving regulatory approval from the European competition authorities.

“We believe the IAG offer for Aer Lingus is a reasonable one in the current market and we plan to accept it, in the best interests of Ryanair shareholders," chief executive Michael O'Leary.

The airline said it will make a small profit on its investment in Aer Lingus over the past 9 years.